Lending Activities

6. Lending Activities

The following table presents the composition of Mortgage and other loans receivable, net:


(in millions)	June 30, 2026	December 31, 2025
Commercial mortgages(a)	$36,930	$37,009
Residential mortgages	13,539	13,839
Life insurance policy loans	1,660	1,694
Commercial loans, other loans and notes receivable(b)	2,515	2,666
Total mortgage and other loans receivable	54,644	55,208
Allowance for credit losses(c)	(783)	(727)
Mortgage and other loans receivable, net	$53,861	$54,481

(a)Commercial mortgages primarily represent loans for apartments, offices and industrial properties, with exposures in New York and California representing the largest

geographic concentrations (aggregating approximately 17% and 10%, respectively, at June 30, 2026, and 17% and 10%, respectively, at December 31, 2025). The

weighted average loan-to-value ratio for NY and CA was 67% and 57% at June 30, 2026, respectively, and 66% and 57% at December 31, 2025, respectively. The

debt service coverage ratio for NY and CA was 1.9X and 2.1X at June 30, 2026, respectively, and 1.9X and 2.1X at December 31, 2025, respectively.

(b)There were no loans that were held for sale which are carried at lower of cost or market as of June 30, 2026 and December 31, 2025.

(c)Does not include allowance for credit losses of $10 million and $7 million at June 30, 2026 and December 31, 2025, respectively, in relation to off-balance-sheet

commitments to fund commercial mortgage loans, which is recorded in Other liabilities.

Interest income is not accrued when payment of contractual principal and interest is not expected. Any cash received on impaired

loans is generally recorded as a reduction of the current carrying amount of the loan. Accrual of interest income is generally resumed

when delinquent contractual principal and interest are repaid or when a portion of the delinquent contractual payments are made, and

the ongoing required contractual payments have been made for an appropriate period. As of June 30, 2026, $147 million and

$1.2 billion of residential mortgage loans and commercial mortgage loans, respectively, are in nonaccrual status. As of December 31,

2025, $128 million and $0.9 billion of residential mortgage loans and commercial mortgage loans, respectively, were placed on

Accrued interest is presented separately and is included in Accrued investment income on the Condensed Consolidated Balance

Sheets. As of June 30, 2026, accrued interest receivable was $116 million and $154 million associated with residential mortgage

loans and commercial mortgage loans, respectively. As of December 31, 2025, accrued interest receivable was $107 million and

$175 million associated with residential mortgage loans and commercial mortgage loans, respectively.

A significant majority of commercial mortgages in the portfolio are non-recourse loans and, accordingly, the only guarantees are for

specific items that are exceptions to the non-recourse provisions. It is therefore extremely rare for us to have cause to enforce the

provisions of a guarantee on a commercial real estate or mortgage loan.

Nonperforming loans are generally those loans where payment of contractual principal or interest is more than 90 days past due.

Nonperforming loans were approximately 1% of our loan portfolio for all periods presented.

CREDIT QUALITY OF COMMERCIAL AND RESIDENTIAL MORTGAGES

The following table presents debt service coverage ratios for commercial mortgages by year of vintage*:


June 30, 2026
(in millions)	2026	2025	2024	2023	2022	Prior	Total
>1.2X	$1,858	$4,676	$3,822	$1,618	$5,599	$15,379	$32,952
1.00 - 1.20X	46	184	188	284	388	1,908	2,998
<1.00X	—	—	—	23	42	915	980
Total commercial mortgages	$1,904	$4,860	$4,010	$1,925	$6,029	$18,202	$36,930
December 31, 2025
(in millions)	2025	2024	2023	2022	2021	Prior	Total
>1.2X	$4,633	$4,154	$1,695	$5,876	$2,333	$14,172	$32,863
1.00 - 1.20X	185	217	275	464	73	1,932	3,146
<1.00X	—	—	23	42	92	843	1,000
Total commercial mortgages	$4,818	$4,371	$1,993	$6,382	$2,498	$16,947	$37,009

*The debt service coverage ratio compares a property’s net operating income to its debt service payments, including principal and interest. Our weighted average debt

service coverage ratio was 1.9X at both periods ended June 30, 2026 and December 31, 2025. The debt service coverage ratios are updated when additional relevant

information becomes available.

The following table presents loan-to-value ratios for commercial mortgages by year of vintage*:


June 30, 2026
(in millions)	2026	2025	2024	2023	2022	Prior	Total
Less than 65%	$1,754	$3,904	$3,606	$1,805	$3,409	$11,158	$25,636
65% to 75%	150	956	404	97	2,250	4,688	8,545
76% to 80%	—	—	—	—	—	705	705
Greater than 80%	—	—	—	23	370	1,651	2,044
Total commercial mortgages	$1,904	$4,860	$4,010	$1,925	$6,029	$18,202	$36,930
December 31, 2025
(in millions)	2025	2024	2023	2022	2021	Prior	Total
Less than 65%	$4,007	$3,806	$1,824	$3,731	$1,815	$10,145	$25,328
65% to 75%	811	565	146	2,275	421	4,776	8,994
76% to 80%	—	—	—	1	42	549	592
Greater than 80%	—	—	23	375	220	1,477	2,095
Total commercial mortgages	$4,818	$4,371	$1,993	$6,382	$2,498	$16,947	$37,009

*The loan-to-value ratio compares the current unpaid principal balance of the loan to the estimated fair value of the underlying property collateralizing the loan. Our

weighted average loan-to-value ratio was 61% at June 30, 2026 and 60% at December 31, 2025. The loan-to-value ratios have been updated within the last three

months to reflect the current carrying values of the loans. We update the valuations of collateral properties by obtaining independent appraisals, generally at least

once per year.

The following table presents the credit quality performance indicators for commercial mortgages:


(dollars in millions)	Number of Loans	Class							Percent of Total
(dollars in millions)	Number of Loans	Apartments	Offices	Retail	Industrial	Hotel	Others	Total	Percent of Total
June 30, 2026
Credit Quality Performance Indicator:
In good standing	557	$13,737	$7,248	$3,857	$8,746	$1,888	$779	$36,255	98%
90 days or less delinquent	2	—	115	—	—	29	—	144	1%
>90 days delinquent or in process of foreclosure(a)	3	—	345	186	—	—	—	531	1%
Total(b)	562	$13,737	$7,708	$4,043	$8,746	$1,917	$779	$36,930	100%
Allowance for credit losses		$31	$377	$184	$8	$28	$1	$629	2%

December 31, 2025
Credit Quality Performance Indicator:
In good standing	576	$13,688	$7,675	$4,114	$8,163	$2,037	$778	$36,455	99%
90 days or less delinquent	1	—	15	—	—	—	—	15	—%
>90 days delinquent or in process of foreclosure	4	1	352	186	—	—	—	539	1%
Total(b)	581	$13,689	$8,042	$4,300	$8,163	$2,037	$778	$37,009	100%
Allowance for credit losses		$28	$360	$164	$14	$27	$1	$594	2%

(a)Includes $21 million of Retail loans and $13 million of Office loans supporting the Fortitude Re Funds Withheld arrangements, greater than 90 days delinquent or in

process of foreclosure, at June 30, 2026

(b)Does not reflect allowance for credit losses.

The following table presents credit quality performance indicators for residential mortgages by year of vintage:


June 30, 2026
(in millions)	2026	2025	2024	2023	2022	Prior	Total
FICO*:
780 and greater	$31	$732	$968	$524	$600	$3,361	$6,216
720 - 779	68	1,155	1,638	859	498	1,021	5,239
660 - 719	16	311	553	261	159	482	1,782
600 - 659	—	—	—	9	24	166	199
Less than 600	—	—	—	8	19	76	103
Total residential mortgages	$115	$2,198	$3,159	$1,661	$1,300	$5,106	$13,539

December 31, 2025
(in millions)	2025	2024	2023	2022	2021	Prior	Total
FICO*:
780 and greater	$595	$974	$570	$616	$2,129	$1,384	$6,268
720 - 779	1,044	1,740	926	529	509	543	5,291
660 - 719	287	578	292	180	125	349	1,811
600 - 659	107	54	17	28	15	158	379
Less than 600	—	—	5	12	7	66	90
Total residential mortgages	$2,033	$3,346	$1,810	$1,365	$2,785	$2,500	$13,839

*Fair Isaac Corporation (“FICO”) is the credit quality indicator used to evaluate consumer credit risk for residential mortgage loan borrowers and have been updated

within the last twelve months. FICO scores for residential mortgage investor loans to corporate entities are those of the guarantor at time of purchase. On June 30,

2026 and December 31, 2025 residential loans direct to consumers totaled $7.4 billion and $7.8 billion, respectively.

The following table presents a rollforward of the changes in the allowance for credit losses on Mortgage and other loans


	2026			2025
(in millions)	Commercial Mortgages	Other Loans	Total	Commercial Mortgages	Other Loans	Total
Three Months Ended June 30,
Allowance, beginning of period	$597	$156	$753	$656	$136	$792
Loans charged off	(3)	(1)	(4)	(54)	(1)	(55)
Net charge-offs	(3)	(1)	(4)	(54)	(1)	(55)
Addition to (release of) allowance for loan losses	35	(1)	34	(16)	(2)	(18)
Allowance, end of period	$629	$154	$783	$586	$133	$719

Six Months Ended June 30,
Allowance, beginning of period	$594	$133	$727	$626	$145	$771
Loans charged off	(8)	(3)	(11)	(62)	(1)	(63)
Net charge-offs	(8)	(3)	(11)	(62)	(1)	(63)
Addition to (release of) allowance for loan losses	43	24	67	22	(11)	11
Allowance, end of period	$629	$154	$783	$586	$133	$719

*Does not include allowance for credit losses of $10 million and $8 million, respectively at June 30, 2026 and, 2025, in relation to the off-balance-sheet commitments to

fund commercial mortgage loans, which is recorded in Other liabilities in the Condensed Consolidated Balance Sheets.

Our expectations and models used to estimate the allowance for losses on commercial and residential mortgage loans are regularly

updated to reflect the current economic environment.

The allowance for credit losses incorporates an estimate of lifetime expected credit losses and is recorded on each asset upon asset

origination or acquisition. The starting point for the estimate of the allowance for credit losses is historical loss information, which

includes losses from modifications of receivables to borrowers experiencing financial difficulty. We use a probability of default/loss

given default model to determine the allowance for credit losses for our commercial and residential mortgage loans. An assessment of

whether a borrower is experiencing financial difficulty is made on the date of a modification.

Because the effect of most modifications made to borrowers experiencing financial difficulty is already included in the allowance for

credit losses utilizing the measurement methodologies used to estimate the allowance, a change to the allowance for credit losses is

generally not recorded upon modification.

When modifications are executed, they often will be in the form of principal forgiveness, term extensions, interest rate reductions, or

some combination of any of these concessions. When principal is forgiven, the amortized cost basis of the asset is written off against

the allowance for credit losses. The amount of the principal forgiveness is deemed to be uncollectible; therefore, that portion of the

loan is written off, resulting in a reduction of the amortized cost basis and a corresponding adjustment to the allowance for credit

We assess whether a borrower is experiencing financial difficulty based on a variety of factors, including the borrower’s current default

on any of its outstanding debt, the probability of a default on any of its debt in the foreseeable future without the modification, the

insufficiency of the borrower’s forecasted cash flows to service any of its outstanding debt (including both principal and interest), and

the borrower’s inability to access alternative third party financing at an interest rate that would be reflective of current market

conditions for a non-troubled debtor.

Corebridge did not modify any loans to borrowers experiencing financial difficulty during the six months ended June 30, 2026. During

the six months ended June 30, 2025, commercial mortgage loans with an amortized cost of $108 million and commercial loans, other

loans and notes receivable with an amortized cost of $10 million, none of which were supporting the funds withheld arrangements with

Fortitude Re, were granted term extensions.

During the six months ended June 30, 2026, commercial mortgage loans with an amortized cost of $29 million, which were previously

extended, became delinquent. There were no loans that defaulted during the six months ended June 30, 2025 that had been

previously modified with borrowers experiencing financial difficulties.

Corebridge closely monitors the performance of the loans modified to borrowers experiencing financial difficulty to understand the

effectiveness of its modification efforts.